What is going to cost me to do the whole process?
We charge only $995 for our review service and another $995 once we get approval from the mortgage holder to start the Short Refinance. The rest of our fees will be added on to the closing statement. You have to pay the mortgage broker $15 to $25 for the credit report from all 3 reporting credit bureaus. When your short refinance is concluded from your mortgage lender, you have to pay for a new appraisal for the new mortgage holder and they will provide you with a list of appraisers to choose from. This can cost you anywhere from $350 to $450, in most cases. Your total out of pocket expense will be anywhere between $2355 to $2470, and any other fee will be added on to the closing statement. There is an extra charge of $500 for a 2nd mortgage and an additional $500 if there is a 3rd mortgage (an equity line of credit is considered to be the same as a 2nd mortgage). Our fee will be added on to the closing statement in the HUD which is regulated from $1500 to $2500. The $1990 we charge is
